Abound Wealth Management Invests $126,000 in The Scotts Miracle-Gro Company (NYSE:SMG)

Abound Wealth Management acquired a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,295 shares of the basic materials company’s stock, valued at approximately $126,000.

Several other institutional investors also recently modified their holdings of SMG. US Bancorp DE raised its position in shares of Scotts Miracle-Gro by 0.4% during the fourth quarter. US Bancorp DE now owns 42,303 shares of the basic materials company’s stock worth $2,807,000 after acquiring an additional 154 shares during the last quarter. Investment House LLC increased its holdings in Scotts Miracle-Gro by 0.3% in the fourth quarter. Investment House LLC now owns 61,190 shares of the basic materials company’s stock valued at $4,059,000 after purchasing an additional 195 shares during the last quarter. Huntington National Bank increased its holdings in Scotts Miracle-Gro by 5.8% in the fourth quarter. Huntington National Bank now owns 3,664 shares of the basic materials company’s stock valued at $243,000 after purchasing an additional 200 shares during the last quarter. Tortoise Investment Management LLC increased its holdings in Scotts Miracle-Gro by 77.3% in the fourth quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 225 shares during the last quarter. Finally, Commerce Bank increased its holdings in Scotts Miracle-Gro by 1.9% in the fourth quarter. Commerce Bank now owns 12,530 shares of the basic materials company’s stock valued at $831,000 after purchasing an additional 239 shares during the last quarter. Institutional investors and hedge funds own 74.07% of the company’s stock.

Scotts Miracle-Gro Price Performance

Shares of Scotts Miracle-Gro stock opened at $61.13 on Monday. The Scotts Miracle-Gro Company has a 1 year low of $45.61 and a 1 year high of $93.90. The business has a 50-day moving average of $56.91 and a two-hundred day moving average of $62.62. The company has a market capitalization of $3.53 billion, a P/E ratio of -127.35 and a beta of 1.99.

Scotts Miracle-Gro (NYSE:SMG) last announced its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.95 by $0.03. Scotts Miracle-Gro had a negative return on equity of 51.48% and a negative net margin of 0.67%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the company earned $3.69 earnings per share. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. On average, equities analysts anticipate that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.64 annualized dividend and a dividend yield of 4.32%. Scotts Miracle-Gro’s dividend payout ratio is currently 528.00%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SMG shares. JPMorgan Chase & Co. dropped their price objective on Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Truist Financial upped their price objective on Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a “buy” rating in a report on Friday, June 6th. Wells Fargo & Company upped their price objective on Scotts Miracle-Gro from $67.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Jefferies Financial Group upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating and dropped their price objective for the company from $72.00 to $69.00 in a report on Monday, April 7th. Finally, Stifel Nicolaus downgraded Scotts Miracle-Gro from a “buy” rating to a “hold” rating and increased their price target for the stock from $70.00 to $71.00 in a report on Monday, June 9th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.67.

Scotts Miracle-Gro Profile

The Scotts Miracle-Gro Company, together with its subsidiaries, manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. It operates through three segments: U.S. Consumer, Hawthorne, and Other. The company provides lawn care products, comprising lawn fertilizers, grass seed products, spreaders, and other durable products, as well as lawn-related weed, pest, and disease control products; and gardening and landscape products, which include water-soluble and continuous-release plant foods, potting mixes, garden soils, mulches and ground cover products, plant-related pest and disease control products, organic garden products, and live goods and seeding solutions.